§ 31B-4. Waiver and bar. - North Carolina Statutes

§ 31B‑4.  Waiver andbar.

(a)        The right torenounce property or an interest therein is barred by:

(1)        An assignment,conveyance, encumbrance, pledge, or transfer of the property or interest, or acontract therefor by the person authorized to renounce,

(2)        A written waiver ofthe right to renounce, or

(3)        Repealed by SessionLaws 1998‑148, s. 4.

(4)        A sale of theproperty or interest under judicial sale made before the renunciation iseffected.

(b)        An instrumentwaiving or barring the right to renounce is binding upon the person waiving theright to renounce or the person barred from renouncing and all persons claimingthrough or under that person.

(c)        A fiduciary'sapplication for appointment or assumption of duties as fiduciary does not waiveor bar the fiduciary's right to renounce a right, power, privilege, orimmunity.

(d)        No person shall beliable for distributing or disposing of property in reliance upon the terms ofa renunciation that is invalid for the reason that the right of renunciationhas been waived or barred, if the distribution or disposition is otherwiseproper, and the person has no actual knowledge or record notice of the factsthat constitute a waiver or bar to the right of renunciation.

(e)        The right torenounce property or an interest in property pursuant to this Chapter is notbarred by an acceptance of the property, interest, or benefit thereunder;provided, however, an acceptance of the property, interest, or benefitthereunder may preclude such renunciation from being a qualified renunciationfor federal and State inheritance, estate, and gift tax purposes.

(f)         An instrumentwaiving or barring the right to renounce an interest in real property is noteffective as to persons protected under G.S. 47‑18 or G.S. 47‑20until either (i) registered as provided in those sections or (ii) registeredpursuant to a judicial sale proceeding as described in subdivision (4) ofsubsection (a) of this section in which the person renouncing is a party. Theinstrument of waiver or bar shall be indexed in the grantor's index under (i)the name of the transferor of the property or interest in the property orcreator of the power or holder of the power and (ii) the name of the personwhose renunciation is waived or barred.  (1975, c. 371, s. 1; 1989, c. 684, s. 6; 1998‑148,ss. 4, 5; 2000‑140, s. 8; 2009‑48, s. 7.)